Exhibit 99.1
WabtecInvestor Presentation 2023
WABTEC Forward-looking statements & non-GAAP financial information This
communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform
Act of 1995 including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec’s expectations about future sales and earnings and statements about the impact of evolving global conditions on Wabtec’s business. All
statements, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec’s plans, objectives, expectations and intentions; statements regarding macro-economic
conditions and evolving production and demand conditions; statements regarding carbon emission reduction and other sustainability targets and goals; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward
looking statements include statements regarding: Wabtec’s plans, objectives and intention; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s projected expenses and cost savings associated with its Integration 2.0
initiative; Wabtec’s 5-year outlook (established in March 2022); Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; synergies and other expected benefits from Wabtec’s
acquisitions; Wabtec’s expectations for production and demand conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical
facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,”
“target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a
representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic
and/or industry specific conditions, including the impacts of tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (2) changes in the financial condition or operating strategies of
Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into
Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs;
(9) actions by third parties, including government agencies; (10) the severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11)
potential disruptions, instability, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as
detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of
important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or
development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. This presentation mentions certain non-GAAP financial performance measures,
including adjusted operating margin, adjusted EBITDA, net debt, return on invested capital [ROIC] and operating cash flow conversion rate. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA
is further adjusted for restructuring. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. Wabtec defines
net debt to mean total debt minus cash, restricted cash, and cash equivalents. Wabtec defines ROIC as net operating profit after tax as percentage of total invested capital. While Wabtec believes these are useful supplemental measures for
investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In
addition, the non-GAAP financial measures included in this presentation have inherent material limitations as performance measures because they add back certain expenses incurred by the company to GAAP financial measures, resulting in those
expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled
measures of other companies. Included in this presentation are reconciliation tables that provide details about how adjusted results relate to GAAP results. Wabtec is not presenting a quantitative reconciliation of its forecasted adjusted
operating margin, leverage ratio or operating cash flow conversion, as it is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related expenses and the outcome of certain
regulatory, legal and tax matters; the financial impact of these items is uncertain and is dependent on various factors, including the timing, and could be material to Wabtec’s Consolidated Statement of Earnings. 2
wabtec Table of Contents Company profile & key growth drivers Why
Wabtec? Leading the decarbonization of rail Wabtec’s business segments in more detail Diverse portfolio with unique strategies to drive growth Disciplined value creation Global rail fundamentals are
attractive 4 Page 9 19 22 28 43 57 Appendix 63 3
We arewabtec 1 Company profile & key growth drivers 4
Wabtec operates its business in two
segments 50+ ~27K countries employees Freight: 72% Transit: 28% 34% Services $8.4B ~60% Aftermarket portfolio 2022 review 11% Components 18% Equipment 28% Transit 9% Digital Intelligence Wabtec Global leader in freight and
transit rail technologies 5
59% 38% 62% 44% Attractive revenue profile Attractive end markets Robust
aftermarket portfolio Broad scale in global markets Strong mix of recurring revenues Strong global industrial portfolio with track record of innovation and significant recurring revenue Wabtec Freight Transit All Other (Industrial and
Mining) 28% 13% OE Aftermarket Americas (45% in U.S.) EMEA APAC 58% 26% 16% Non-Recurring Recurring 56% * 2022 FY results 6
Primary growth drivers(1) Wabtec Rail cycle recovery International expansion /
share gains Increase customer productivity, capacity and safety Locomotive fleet renewal Innovative digital technology Lead decarbonization of rail Integration 2.0 Strategic M&A 1 2 3 4 5 Equipment Digital
Intelligence Services Transit Components 5-year GROWTH expectations (1) Long-term guidance as of March 9, 2022 7
Strong 12-month and multi-year backlog provides resiliency and visibility despite
macro volatility Significant recurring revenue base drives ~60% of profits WABTEC Resilient portfolio through the cycle Favorable end-markets Robust backlog & recurring revenue Demonstrated execution Strong outlook
underpinned by resilient ANd predictable earnings ~70% Freight ~30% Transit FREIGHT Accelerating investment in the fleet Strong international order pipeline Growing installed base TRANSIT Increased global investment in infrastructure
Mega trends favor increasing ridership 4Q19 4Q22 $22.4B $22.4B Expanded margins despite higher input costs, supply chain disruptions and loss of business in Russia Aggressively managing costs and accelerating lean actions Launched
Integration 2.0 44%* recurring revenue 2020 2021 2022 15.1% OP MARGIN 16.2% 15.9% 4Q20 4Q21 Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) $22.2B $21.6B *based
on 2022 sales 9.9% 12.1% 11.2% GAAP Adjusted 2020 2021 2022 *based on 2022 sales 8
We arewabtec 2 Why Wabtec? 9
Wabtec is well-positioned to lead the industry and deliver shareholder
value Where we are Where we are going Where we have been 2019-2021 Lay the foundation 2022-2023 Lead therecovery 2024+ Deliver the future of sustainablerail wabtec 10
Accelerate innovation of scalable technologies Build high-margin, innovative and
scalable products to increase customer productivity, automation, utilization, and capacity Grow and refresh expansive global installed base Increase share across asset lifecycle (Locos/Mining, Freight Cars & Transit) Lead
decarbonization of rail Drive the industry in innovative, low-carbon technologies and transformative solutions Expand high-margin recurring revenue streams Increase revenues and expand margins while reducing exposure to economic
cycles Drive continuous operational improvement Accelerate Lean; drive cost competitiveness; deploy capital efficiently; build a stronger, better Wabtec Extending the lead as #1 rail technology company in the world Value creation framework
for delivering the future of rail wabtec Drivers of portfolio optimization and growth 2 3 4 1 5 11
ENHANCE EXISTING PRODUCTS ~6-7% target annual organic investment in technology
as % of sales wabtec INVENT, TEST AND SCALE FUTURE technologies Accelerate innovation of scalable technologies #1 12
Opportunity for pantograph pull through on FLXdrive High-margin friction products
transit Pull-through content of up to $250K per new loco Recurring software services DigitalIntelligence 120+ service events over asset life >1,000 Mod units in operation Strong position with Class I customers Freight
services Average $6K+ on freight car Opportunity to pull through new deliveries, manufacturing & aftermarket sales Freight Car Components Customers projected to spend 1-1.5X the original price of loco on service alone IB Age
(years) WAB% 2023-2026 NORTH AMERICA 31K 20 51% APAC 20K 16 9% CIS/EU 47K 22 3% LATAM 3K 19 61% SUB-SAHARAN AFRICA 4K 17 28% DIGITAL COMPONENTS MODS MAINTENANCE wabtec Grow and refresh expansive global installed
base LOCOMOTIVE market #2 13
wabtec Lead the decarbonization of rail 2x Global demand for transport growing
fast… freight and passenger activity projected to grow more than double by 2050 Growing demand 22x fewer deaths and injuries per year than trucking SAFER today ~300MTons Decarbonization drives strong customer
returns FLXdrive Price ROI 2-3x vs. T4 Double-digit returns Environmental Impact Sources: AAR sustainability Fact Sheet, Wabtec internal data #3 75% reduction in carbon emissions per ton-mile than trucking CARBON REDUCTION 3-4x more
fuel efficientthan trucking MORE EFFICIENT Enable Annual CO2 Reduction Globally 14
Recurring Revenues 44% 56% Recurring Revenues wabtec Expand high-margin
recurring revenue streams Driven by expansive installed base of locomotives and significant content on transit / freight cars Includes service businesses, replacement parts, software licenses, digital services and consumables ~60% of
company PROFIT driven by recurring revenues #4 * 2022 FY results 15
Accelerate lean Drive cost competitiveness capital EFFICIENCY METRICS Continual
Focus on Fixed Asset Productivity Improve ROIC (1) Operating Cash Conversion in Line With Long-Term Targets (1) wabtec Drive continuous operational improvement Deliver best-in-class manufacturing cost productivity and material cost
deflation >90% on-time delivery Engineering productivity focus; yr/yr cost improvement >20% flexible workforce capacity Achieve over-the-cycle working capital cycle improvement ~135 manufacturing sites… drive best cost
footprint >25% sites in best-cost countries >30% of engineers in best-cost countries “Should cost” analysis & competitive product benchmarking #5 Total net sales/property, plant, and equipment,
net 4.7 5.3 2020 2021 5.9 2022 3.7% 4.6% 2020 2021 5.2% 2022 89% 102% 2020 2021 93% 2022 16 (1) Represents a non-GAAP financial measure. See appendix for details and reconciliation
Wabtec operating model… operational excellence Of shared values and mindset of
problem solving and continuous improvement Customer + Shareholder value Culture Operating reviews monitoring pulse.... Site and division level cadence Strategy development Core of common KPI Wabtec management system OPERATIONAL
EXCELLENCE Safety & Sustainability Customer Commitments Quality & Reliability Cost Optimization GLOBAL OPS 17
Wabtec We’re committed to creating a more sustainable future SUSTAINABILITY
PRINCIPLES Innovating with Purpose We are committed to developing responsible and sustainable products that minimize the impact on the planet SUSTAINABILITY PRINCIPLES Driving Responsible Operations We are committed to providing safe work
environments and products that enable productive and efficient use of resources SUSTAINABILITY PRINCIPLES Empowering People and Communities We are committed to driving a diverse and inclusive culture and investing in the communities where
our teams live and work 18
We arewabtec 3 Global rail fundamentals are attractive 19
Source: Worldbank.org, SCI 2020 Worldwide Market for Railway Industries ; UNIFE
World Market for Rail Supply, ITF (2021), ITF Transport Outlook 2021, OECD Publishing, Paris KEY trends influencing growth GLOBAL RAIL FORECAST Mainline Psgr ‘21-30 ‘21-’30: 2.8% CAGR ‘30-’50: 2.3% CAGR Rail Freight ‘21-’30 ‘21-’30:
2.2% CAGR ‘30-’50: 3.4% CAGR Forecast Consistent, positive outlook ahead for next 15+ years. 100 = 9,783 billion ton-km 100 = 2,874 billion passenger-km Market for rail continues to expand Increased focus on environmental sustainability
and decarbonization Improved rail infrastructure … enabling economic growth in developing regions. In NA, increased government funding and Class I CAPEX Digitization and automation driving improvements in productivity and
efficiency Continued urbanization and globalization driving greater overall demand for freight and passenger transportation wabtec Rail Freight & Passenger Traffic expected to double by 2050 ... Led by Increased INFRASTRUCTURE INVESTMENT
& focus on esg Urban Passenger ‘21-’30: 3.4% CAGR ‘30-’50: 2.0% CAGR 20
Railroads well-positioned to expand share vs. truck Wabtec Global RAIL VS. ROAD
OUTLOOK Sustain existing share and focus on customer needs to capture flexible freight commodities Create a diversified supply chain and railcar visibility to help shippers handle variability in demand Collaborate with the government on key
policies focused on decarbonization and automation Invest in cleaner energy, and digitalization to improve transport efficiency and reduce shipper emissions Accelerate the adoption of automation technologies to unlock latent capacity,
efficiency and cost gains Customer initiatives to gain share Graph sources: ITF (2021), ITF Transport Outlook 2021, OECD Publishing, Paris Assumed Class I Rail operations to calculate these metrics FLEXIBLE Key Rail battleground Flexible
share represents ~50M carloads, ~$400B revenue Ton-mile (trillions) productivity, efficiency, & sustainability to capture ”flexible share” 21
We arewabtec 4 Leading the decarbonization of rail 22
Customer science-based targets for CO2 reduction TARGETS technology BENEFIT FOR
CUSTOMERS Technology CO2 BENEFIT UPGRADE OPERATIONAL NEW ASSET + Trip Optimizer Engine Advantage + + Biodiesel 20% Renewable Diesel ++ ++ FLXdrive Consist Hydrogen +++ COST BENEFIT +++ +++ + - ++ -/+ CLASS 1
CUSTOMERS 2022 Achievement to Date Remaining to Target technology 23
30% Technical solutions Fuel savings across the enterprise network 3%
4% Fuel savings on distributed power trains 4% 6% Fuel savings per locomotive 15% 22% MOVEMENT PLANNER DISPATCH SYSTEM Optimizes the use of slack time to reduce overall fuel consumption LOCOTROL DISTRIBUTED POWER
SYSTEM Optimizes the distribution of power to reduce total horsepower required TRIP OPTIMIZER ENERGY MANAGEMENT SYSTEMPlans the most fuelefficient way to arriveon time UP TO impact Up to ~30% Reduction in emissions and fuel
utilization 22% efficiencies today … 18% EPA certified products Integrated FUEL Optimization Movement Planner system Locotrol distributed power Trip Optimizer Platform CAPABILITY EVOLUTION Total savings* * Non-EPA certified reductions
reflect current estimates digital Intelligence 24
FLXdrive development progress FLXdrive 2.0 vs 1.0 Energy Density Battery Life
Cycle Cost Fuel & CO2 Reduction Wabtec + GM technologydelivering best in class: Safety Overall system performance Reliability Locomotive layout & maintainability Ongoing product evolution Life cycle cost &
recycling +++ +++ +++ technology Strategic Investments Accelerating FLX Portfolio Competitiveness 25
Alternative propulsion – hydrogen H2 for freight Longer range option for
low/zero emissions Fuel generation cost through public & private investment Complementary to FLX technology… hybrid unit + hybrid consist Technology options H2 Fuel Cells H2 ICE Dual Fuel technology Path to a zero-emission rail
network 26
Locomotive technology road map for sustainability Diesel
electric Battery (HYBRID CONSIST) hydrogen digital 2016 2023 2026 2030+ Co2 reduction MOVEMENT PLANNER LOCOTROL TRIP OPTIMIZER SUITE Tier 4 FDL Advantage EVO Advantage BEL Demo FLX drive 2.0 FLX drive 3.0 FLX H2 Demo FLX
H2 HHP/tender Launch 7 MWh ~ 8% fuel reduction 10+ MW Switcher / Short line Main line locomotive Fuel cell; Battery; ICE 1,100 in service ~ 5% fuel reduction 2.4 MWh MODS FLXswitch FLXhybrid ~8% ~8% Up to 40% Up to
92% technology Flexible portfolio to support customer sustainability goals BIOFUELS B5/R30 B20/R80 Up to 30% >60% 27
We arewabtec 5 Diverse portfolio with unique strategies to drive growth 28
Equipment primary growth drivers SURFACE MINING TRUCK ELECTRIFICATION & FLEET
RENEWAL… VOLUME UP Trolley assist & power agnostic propulsion Sustained copper & iron ore production growth EXPAND FLXDRIVE WINS - CAPITALIZE ON GHG GOALS Product design fit for application, energy & power needs Investor
oversight to progress on decarbonization Successful deployment of FLXdrive launch orders NORTH AMERICA FLEET UPGRADE Intermodal growth Aging fleet Higher haulage and efficiency needs INTERNATIONAL DIESEL ELECTRIC GROWTH Commodities and
global trade Leverage local partnerships CAPTURE GROWTH IN NEW SEGMENTS Leverage FLX technology for shunting applications Zero emissions opens door to Europe Government & local funding Equipment 1 2 4 5 3 29
2011-2015 Locomotive international markets NAM Intl International fleet
renewal & upgrades with EVO technology Expand battery electric mainline & switcher Drive supply chain productivity through regional footprint Strategy in action Revenue profile 2016-2022 NAM Intl Growth
drivers AUSTRALIA Mining growth Decarbonization targets BRAZIL New multi-year driven by concessions Agriculture growth CIS Gateway Asia Europe Fleet renewal & efficiency INDIA Economic growth Dedicated freight
corridors Equipment INTERNATIONAL FLEETS GROWING 5% CAGR SINCE 2016… WELL-POSITIONED TO CAPITALIZE ON continued GROWTH 30
Current active main-line locomotive fleet size Increasing visibility into 2023
and beyond Wabtec North America Locomotives New & Modernizations deliveries >500 units per year <300 units per year wabtec 2008 2017 2023 - 2025 ~16K ~25 years >600 locos North America long-term locomotive fleet
renewal Expected life of locomotive Expected industry average annual replacement rate 31
Continue to invest/grow the core diesel electric North America fleet renewal
opportunity Strategy in action fleet by emission T1 T3 T4 T2 fleet by TRACTION DC AC Enable & support alternative fuels Continue to invest in fuel improvement technologies Hybrid battery upgrade for additional fuel & GHG
reduction Enabling locomotive automation with Modular control architecture Navigate regulation & pursue subsidies Customer outcomes Sustainability 3 Fuel efficiency 2 Productivity 1 20 YRS average 6K units >20yrs fleet
profile Alternative fuel New technology Engine improvements Digital solutions AC traction Reliability Equipment 32
Growth driven by fleet renewal & technology mix 2050 2030 2040 Efficiency
w/ AC Fuel economy GHG SBTi targets Low impact to operations Operational flexibility 20% GHG Technology readiness Fleet productivity Net zero commitments Technology maturity Infrastructure availability Fleet renewal Mainline
& switcher drivers ALTERNATIVE TECH (INCL. BATTERY + HYDROGEN) DIESEL Equipment Transition to More efficient and sustainable fleet 1x 33
Services primary growth drivers GLOBAL REMANUFACTURING 20+ global
remanufacturing locations for critical components including engines & traction motors PERFORMANCE UPGRADES Leveraging technology to deliver on fuel & emissions efficiency and reliability MAINTENANCE TECHNOLOGIES Asset management,
material management, remote monitoring and technical advisory capabilities MODERNIZATIONS Fleet transformation (haulage, reliability, fuel, & emissions) through modernizations to help customers achieve operational outcomes MAINTENANCE
OF WAY Diverse portfolio of maintenance equipment and material movers to support the rail industry INTERNATIONAL EXPANSION Accelerating portfolio footprint and product penetration specifically across APAC & CIS regions Services 34
Modernizations Maximize asset value and fleet performance by transforming 20+
year old locomotives to extend life and step-change their performance. Solutions jointly defined with each customer based on modular technology building blocks. Enabling structural changes in railroad dispatch strategies. 50% more tractive
effort 25% less fuel & emissions 40% more reliability Customer OUTCOMES* Developed and scaled Mods business Turning underutilized assets into preferred fleet Significant content pull-through Customer partner of choice Wabtec
IMPACT 15,000+ available market | <10% penetration Install Wabtec T4 engine on competitor’s switcher Alternative fuels Alternative energy: battery, hydrogen internal combustion engine, fuel cell LOOKING AHEAD Services * Source:
Internal Wabtec data and based on customer product configuration 35
Components primary growth drivers INTERNATIONAL EXPANSION USING ONE WABTEC
NETWORK Freight and loco opportunities in LATAM, APAC, India, and EMEA Industrial expansion and global partnerships to support ESG Scaling and developing new products for wind, grid solutions, carbon reduction, and energy storage DRIVE
INNOVATION INTO NEW PRODUCTS & SOLUTIONS Sensing/digitalization to improve product performance Health monitoring to reduce maintenance cycles Apply advanced material technology to engine cooling STRENGTHEN OUR CORE IN NORTH
AMERICA Package freight car product offerings with car builders Leverage full Wabtec portfolio in aftermarket Consolidate industrial go-to-market approach CONTINUOUS OPERATIONAL IMPROVEMENT Leverage best-cost country sources Rationalize
and simplify structure to drive profitability Footprint consolidation to drive out duplication Components 36
Well-positioned to capitalize on increasing North American car build volume North
American Car Build Volume 2019 2020 2021 2022 58K 33K 30K 41K 54K HISTORICAL 10-YEAR AVERAGE Increasing railcar build + Strong share position + Operating leverage REVENUE GROWTH AND MARGIN
ACCRETION Components 2023F 40-45K 37
Primary Growth Drivers digital Intelligence NEXT-GEN NETWORK
SOLUTIONS Precision Dispatch 2.0, migrate to Cloud Pacing, Yard Planner system, & Service Design INTERNATIONAL MARKETS Expand digital capabilities across Latin America, Europe, and Asia Pacific EVOLVE LOCOTROL PLATFORM Locotrol
Expanded Architecture (LXA); Road Remote Control Locomotive (RoadRCL) system; Autonomous Drone Trains EXPAND TRIP OPTIMIZER SUITE Zero-to-Zero & Smart Horse Power/Ton (SHPT); TO on non-Wabtec locos, FLXDrive, Alt fuels EVOLUTION OF
I-ETMS PTC 2.0, precision reference, moving block; NAM upgrades & international expansion KEY ADJACENCIES Expand reach in digital mining; logistics, KinetiX, asset management & analytics 38
Strong NORTH AMERICA product penetration TO New
Products 98% Penetrated 16% Penetrated 93% Penetrated LOCOTROL New Products 45% Penetrated 73% Penetrated 12% Penetrated New PRODUCT Penetration Opportunities 100% Penetrated PTC International & Additional Features
(US) 2% Penetrated New Network Products digital Intelligence Pillar apps are foundation for 2-3x industry growth TO Platform on Wabtec Fleet Locotrol Platform Network Solutions PTC USA Fuel Efficiency Energy Management Terminal
Dwell Remote Control Locomotive Labor Optimization Drone Control, Remote Control Locomotive, Energy Management, PTC Asset Utilization Distributed Power Key product areas 39
Reduction inTrain delays 25% PotentialProductivity Savings 50% Reduction
inaccidents Due tohuman errors 75% Fuel efficiencyImprovement 30% PTC Energy Management (EM) Distributed Power Optimized Dispatch PTC + EM integration Zero-to-Zero SmartHPT Pacing Full Situational Awareness High Availability
Systems Prognostic Health Monitoring TechnologyFoundation Enhanced Fuel Savings Full Optimization Path To Crew Efficiencies Advanced Dispatch Remote Control Drone Train Vital Standalone PTC Yard Optimization 5G
Communication Digital Intelligence New technology will unlock the next generation of PSR Collectively: 40
TRANSIT Transit primary growth drivers GOVERNMENT FUNDING … FUELING TRANSIT
TRANSPORT Investment in rail technologies to decarbonize transport and reduce congestion INNOVATION AND SCALABLE TECHNOLOGIESEnhancing train performance; maintenance optimization through digitization for transit operators SHIFT TO GREEN …
SUSTAINABILITY AND ESGSuite of energy management, pollution/CO2 reduction, charging, and electrification solutions SERVICES Leveraging a significant install base and wide geographic footprint to help transit operators gain efficiencies,
reliability, and productivity 1 2 3 4 41
transit Government funding, decarbonizing passenger transport Tailwind to
transit systems portfolio Uniquely positioned to capture growth across vast portfolio and geographical reach U.S. $109B over 5 years for passenger EUROPEAN UNION $63B in 2021-2026 for rail INDIA $330B in 2021-2051 for
passenger GERMANY $95B in 2020-2030 for rail PASSENGER RAIL (28 CO2/PKM) ROAD (102 CO2/PKM) AIR (244 CO2/PKM) Grams of CO2 42
We arewabtec 6 Disciplined value creation 43
INVEST INTHE BUSINESS Driving long-term profitable growth DRIVERS Deploy
proven strategies / exploit growth drivers Execute on increasing backlog Mix headwinds driven by fleet renewal Invest in innovative technologies that drive profitable growth Best-in-class productivity & integration INVEST IN THE
FUTURE Through M&A with strategic fit& accretive returns RETURN VALUE TO SHAREHOLDERS Through disciplined capital allocation M&A as core competency Strategic markets… bolt-ons, adjacencies Attractive assets / end markets
that drive growth Valuations that are accretive to earnings and ROIC Capital allocation priorities Increasing asset productivity Improving ROIC Robust cash generation and cash flow wabtec Path to the future… maximize shareholder value
44
$9.0B in orders in 2022 … strong order intake across both Freight and Transit
segments 7.8% increase in 12-month backlog 76% of 2023 midpoint revenue guidance covered in backlog… 2 points higher than 2022 2022 BACKLOG DYNAMICS wabtec Expanding long-term backlog while converting near-term orders MULTI-YEAR BACKLOG
PROVIDES STABILITY AND VISIBILITY +5 pts of coverage ’22 vs ‘21 $5.5 $6.3 2020 2021 2022 12-month backlog Multi-year backlog 2020 - 2022 Backlog ($B) +2 pts of coverage ’23 vs ‘22 $6.8 45
PRODUCT MIX Digital
Intelligence Services Components Equipment Transit Margin Drivers Sensitivity to the cycle Equipment High Digital Intelligence Medium Services Low Transit Low Components High Margin accretion 5-year GROWTH
expectations(1) wabtec Mix dynamics changing as industry renews aging locomotive fleet Equipment + digital to grow faster than average across Wabtec portfolio (1) Long-term guidance as of March 9, 2022 46
Resiliency tested and validated … proven track record of delivering growth
Attractive end markets… building momentum, renewal of locomotive fleets, strong and growing backlog Leading market position and innovative, customer-focused solutions across major rail and industrial segments Exceptional quality and
reliability delivering leading market shares Disciplined capital deployment generating strong returns MSD core organic growth cagr 250-300 bps margin expansion + + Disciplined capital deployment = Double-digit eps growth with strong
OPERATING cash FLOW CONVERSION (90%+) 5-year outlook(1) wabtec Attractive long-term financial profile (1) Long-term guidance as of March 9, 2022 47
+2.0-3.0% UNDERLYING RAIL INDUSTRY GROWTH TRENDS Freight carloads Railcar
build Passenger ridership Economic strength (GDP) Annual revenue growth expectations: mid-single digits(1) ACCELERATED GROWTH Share gains in portfolio International expansion Technology-driven growth Digital revenue growth 2-3X
industry 1.0% LONG-TERM LOCO FLEET RENEWAL Mods Tier 4 Alternative fuels Battery electric 1.0-2.0% + + wabtec Future revenue growth target (1) Long-term guidance as of March 9, 2022 48
15-20% 80-85% 82% of Total Costs 15-20% FIXED MANUFACTURING 80-85% FIXED
SG&A 25-30% INCREMENTAL MARGIN COST OF GOODS SOLD SG&A 18% of Total Costs Variable Costs Variable Costs wabtec Sales growth(1) expected to drive incremental margins of 25-30% based on Wabtec’s fixed-cost structure
15-20% 80-85% Fixed Costs Fixed Costs (1) Long-term guidance as of March 9, 2022 49
250 – 300 bps(1) CAPITAL & TECHNOLOGY INVESTMENT Strong IRR capital
projects Technology to expand margins REVENUE GROWTH MSD annual growth CAGR Opportunistic pricing International expansion +150 TO 200 BPS COST IMPROVEMENT Continuous improvement, lean Integration 2.0 savings of $75-$90M Manufacturing
fixed cost absorption 5-year adjusted margin improvement +60 BPS +40 BPS wabtec Growing sales and aggressive cost management expected to expand adjusted margins (1) Long-term guidance as of March 9, 2022 50
HIGH RETURNS ON CAPITAL DEPLOYMENT LONG-TERM PROFITABLE
GROWTH Capital Technology Funding business model with capex of ~2% of revenue Managing working capital investment below 20% of sales Continue to invest in engineering & technology at ~6-7% of sales Invest-in-the-future technology
breakthroughs Product innovation Engineering as a competitive advantage wabtec Investing in the core business DRIVING STRONG RETURNS ON CAPITAL AND TECHNOLOGY INVESTMENTS 51
Bolt-ons/adjacencies focused on: Highly engineered products Rail &
industrial services Digital technologies & solutions Secular growth profile/sustainable end-markets Geographic reach High aftermarket & recurring revenue streams Complimentary customer base & technologies Accretive earnings
within 2 years ROIC enhancing (ROIC > WACC) Above-average synergies (% of revenue) Similar capital intensity / working capital requirements to core business Complements Wabtec’s strategic plan Revenue growth and/or margin
enhancement Highly competitive market position Product leadership Technology & engineering leadership Leading market shares Operating cash conversion strength and/or opportunities Focused on acquisitions that are a strategic fit and
drive attractive returns wabtec Invest in the future through strategic M&A Strategic markets Compelling valuations Attractive assets 52
PRIORITIES OBJECTIVES ACTIONS Maintain strong balance sheet to manage through
economic cycles & world crises Debt leverage (1) ratio of 2.0 to 2.5x. Maintain investment-grade ratings Current leverage ratio at 2.2x (1) Appropriately invest in the business for revenue & profit growth CAPEX ~2% of sales Working
capital ~20% of sales Tech spend ~6-7% of sales Execute 2023-2026 plan Increase dividends Target dividend payout ratio of 10-15% of adjusted net income Grow dividends in-line with earnings over time Increased Q1 ‘23 dividend to
$0.17/share… $0.68 annually Supplement organic growth with M&A Optimize portfolio through bolt-ons and adjacencies, as well as divestitures Execute accretive M&A… manage pipeline of opportunities Return excess FCF after dividends
and M&A through share repurchases Offset incentive plan dilution and supplement EPS growth Reauthorized $750M share repurchase program in Q1 ‘23 wabtec Capital allocation priorities Leverage is defined as net debt divided by trailing
12-month adjusted EBITDA. Net debt is defined as total debt minus cash, restricted cash and cash equivalents; represents a non-GAAP financial measure. See Appendix for additional details and reconciliation 53
RETURN ON INVESTED CAPITAL 2020 2021 3.7% 4.6% Revenue growth Margin
expansion Cash efficiencies Working capital improvement Capital utilization Accretive M&A Return of cash to shareholders through dividends and share repurchases DRIVERS OBJECTIVE: INCREASE ROIC TO DOUBLE-DIGIT
RETURNS wabtec Improving returns on invested capital 2022 5.2% 54
Capital Deployment Priorities Maintain Strong Balance SheetMaintain
investment-grade rating Invest In Sustainable GrowthR&D and CapEx Increase Dividends $0.02 quarterly dividend increase in Q1 ‘23 Supplement Organic Growth with M&APortfolio optimization; accretive investments Repurchase
SharesReturn excess cash through repurchases Continued disciplined capital deployment wabtec Capital Deployment Plan (2023-2026) Cash From Operations Sources Uses M&A and Share Repurchases CapEx Dividends Debt GE TMA Accretive
Earnings → Strong Cash Flow Conversion → Reinvest & Return 55
wabtec Key investment highlights 02 Innovative, sustainable technologies
expanding Wabtec’s market size 03 Growth strategy driving strong cash flow and margin expansion 04 Strong long-term business fundamentals driving long-term value creation for shareholders 01 Portfolio positioned to drive long-term
profitable growth 56
We arewabtec 7 Wabtec’s business segments in detail 57
Equipment 28% REVENUE BY GEOGRAPHY 85% 15% Recurring
Revenue Non-Recurring Recurring Americas EMEA APAC 56% 44% REVENUE BY END MARKET 81% 19% Aftermarket Revenue OE Aftermarket Locomotive Mining, Marine, Drilling, Other Diversified global base to drive growth 46% 26% Key
customers $1.5B 2022 revenue 58
Components 74% 8% 18% REVENUE BY GEOGRAPHY 69% 31% Recurring
Revenue Non-Recurring Recurring Americas EMEA APAC 60% 40% REVENUE BY END MARKET 57% 43% Aftermarket Revenue OE Aftermarket Freight / Other Industrial Diversified portfolio brings new growth Nationalsteel car Key
customers $0.9B 2022 revenue 59
Services 79% 11% 4% 6% REVENUE BY GEOGRAPHY 68% 32% Recurring
Revenue Recurring Non-recurring North America EMEA LATAM APAC 74% 7% REVENUE BY END MARKET 77% 23% Aftermarket Revenue OE Aftermarket Accelerating growth across the portfolio Key customers 19% Freight
Maintenance Modernizations Maintenance of Way $2.8B 2022 revenue 60
Well-positioned for growth Digital Intelligence Key customers REVENUE BY
GEOGRAPHY 42% 42% REVENUE BY END MARKET Train Automation Offboard, Back Office Adjacencies 16% 76% 6% 14% 4% North America ANZ Rest of World LATAM 71% 29% Recurring Revenue Non-Recurring Recurring $0.7B 2022
revenue 61
Safety, efficiency & passenger comfort Transit Key customers 58% REVENUE
BY GEOGRAPHY 54% 46% Recurring Revenue Non-Recurring Recurring Americas EMEA APAC 41% 33% REVENUE BY END MARKET 47% Aftermarket Revenue Energy, Comfort & Access Transit Services 22% 20% OE Aftermarket 53% 26% Brakes
& Safety $2.4B 2022 revenue 62
wabtec Appendix 63
wabtec Cash conversion reconciliation 64
wabtec Operating margin reconciliation 65
wabtec Return on invested capital reconciliation 66 Set forth below is the
calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP
financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. 2020 2021 2022 Income from operations $ 745 $ 876 $ 1,011
Annual effective tax rate 26.0% 23.2% 25.0% Net operating profit after tax $ 551 $ 673 $ 758 Total debt $ 4,239 $ 4,058 $ 4,002 Operating lease liability 295 318 334 Wabtec
equity 10,123 10,201 10,102 Noncontrolling interest 30 38 45 Allowance for doubtful accounts 37 32 28 Net pension liabilities 87 48 33 Total Invested Capital $ 14,811 $ 14,695 $ 14,544 Return on Invested
Capital 3.7% 4.6% 5.2%
wabtec Leverage 67 Set forth below is the calculation of the non-GAAP
performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should
be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation 2022 Leverage Reconciliation ($ in millions) Total Debt $4,002 Net Debt ÷ Adjusted
EBITDA = Net Leverage Less: Cash, cash equivalents and restricted cash $541 $3,461 $1,562 2.2x Net Debt $3,461 Income from Operations $1,011 Other Income (expense) $29 Depreication & Amortization $473
EBITDA $1,513 Restructuring Costs $49 Adjusted EBITDA $1,562